However, Ecclestone disputed that. In a statement he accused FOTA of making "inaccurate and misleading" comments. "Neither CVC nor FOA [Formula One Association] owes any amount to any team," read the statement.

There had been reports that Renault team boss Flavio Briatore and McLaren chairman Ron Dennis had threatened to organise a boycott of Sunday's race unless Ecclestone paid up. Ecclestone in return reportedly threatened to cancel the charter plane taking the cars to Melbourne.

But Martin Whitmarsh, who has taken over from Dennis as McLaren team principal, said there had never been any question of his team boycotting the race. He added that while he had not been at the meeting, he believed Ecclestone's version of events to have been "relatively theatrical".

"There is a lot of tension in this climate about lots of teams being owed lots of money," he said. "I think that is a business between the teams and Bernie that needs to be resolved urgently."

FOTA vice-chairman John Howett sounded a conciliatory note, saying the teams would not be taking any dramatic action. "I don't think anybody wants to take any action that is excessively militant, but in the end we are performing I suppose and therefore we should be compensated for what we do," he said.

"We are making constructive and positive progress. So hopefully in the next three to four weeks everything will be completely clear but we have made satisfactory progress for both sides to avoid any conflict this weekend," he added.